Payward, Kraken's parent company, reported second-quarter adjusted revenue of $508 million, up 17% year over year, and remained adjusted EBITDA positive at $23 million for the quarter ended June 30.
Payward's growth came despite a decline in crypto spot volumes across the industry.
Total platform transaction volume dropped 13% year over year to $310 billion, with the mix shifting toward equities and tokenized equities, and the company said it gained spot market share for a third consecutive quarter.
Also, asset-based and other revenue climbed to 60% of total revenue from 55% a year earlier.
Funded accounts rose 42% to 6.6 million, with the company citing momentum in the European Economic Area following its MiCA authorization.
